- Topped estimates for Q4 revs in co's first release of quarterly earnings since completing its IPO in November. Same-store sales increased +36%. Issued in-line guidance for Q1 revs while guiding FY22 revs above consensus. Co plans for at least 35 net new restaurant openings in 2022 and same-store sales growth of +20-26%.
Sweetgreen reports Q4 results, beats on revs, comps +36%; guides Q1 revs in-line, guides FY22 revs above consensus
- Reports Q4 (Dec) loss of $(1.13) per share, includes items, may not be comparable to S&P Capital IQ Consensus of $(0.69); revenues rose 62.9% year/year to $96.43 mln vs the $84.68 mln S&P Capital IQ Consensus.
- Same-Store Sales Change of +36% vs -28% a year ago.
- "Our fourth quarter results demonstrate continued recovery from the pandemic...We showed meaningful operating leverage as we experienced revenue growth, narrowed our operating loss, improved restaurant-level margins and leverage in our G&A, excluding stock-based compensation and non-recurring items. As we enter 2022, we are well positioned to make further progress towards our financial goals."
- Co says it plans to typically only provide annual guidance, however, given the timing of this earnings report in relation to quarter-end, co issues Q1 (Mar) guidance:
- Co guides to Q1 revenue of $100-102 mln vs $100.82 mln consensus. Co also expects 7 net new restaurant openings in Q1.
- Co guides to Q1 comps of +30-33% and restaurant-level profit margin of 10-11%.
- For 2022, co guides to revenue of $515-535 mln vs $513.25 mln consensus. Co also expects at least 35 net new restaurant openings. Co guides to FY22 comps of +20-26% and restaurant-level profit margin between 16-17%. Co also guides to FY22 adjusted EBITDA between $(40)-(33) mln.
